Kadir, Andri & Partners, Clifford Chance, Zul Rafique & Partners and Linklaters are the law firms involved in the planned $1.75 billion initial public offering of pay-TV company Astro Malaysia Holdings Bhd, which is expected to be the Malaysia's third-largest listing this year.
Kadir, Andri & Partners is acting as legal adviser to Astro on Malaysian law, while Clifford Chance is acting as legal adviser on U.S. and English law. Meanwhile, the joint global coordinators, joint bookrunners, joint managing underwriters and co-lead managers are being represented by Zul Rafique & Partners and Linklaters on Malaysian law, and U.S. and English law respectively.
The listing is slated for end-September. Malaysia has seen two high-profile share sales this year, from planter Felda Global Ventures Holdings Bhd in June (which raised $3.1 billion) and IHH Healthcare Bhd in July (which raised $2.1 billion).
Astro, controlled by tycoon Ananda Krishnan, said the offer represents up to 29.2 percent of its enlarged paid up capital, of which 597.69 million shares or 11.5 percent will be offered to indigenous "bumiputra" investors, according to Reuters.
Astro's draft prospectus said it would use 58 percent of the proceeds for capital expenditure - ranging from investments in new corporate and technical buildings to additional transponders - while the remainder would be used to repay bank borrowings, for working capital, and for listing expenses.
Ranajit Dam is Southeast Asia Editor at ALB. Follow us on Twitter: @ALB_Magazine.
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